Sirlibz
The Bank of Thailand has issued its first blockchain-based government savings bond platform, it is reportedly the world’s first blockchain-based government bond savings platform built on IBM’s Blockchain.
In a statement in IBM’s announcement today. It was revealed that within 2weeks of launch, the Central Bank of Thailand had sold out over $1.6million worth of savings bonds.
Integration of the blockchain technology into the issuance of government saving bonds have helped accelerate or reduce the time needed to issue bonds from a period of 15 days to 2 days. Operational cost and the redundant validation of documents have increased efficiently for the banks.
In collaboration with IBM, the Central Bank is also working with seven other institution which includes : Thailand securities Depositing Co., Thailand Bond Market Association, Republic Debt Management office etc.
The Central Bank of Thailand has actively been involved in the blockchain technology industry for quite a while, JRNY Crypto had earlier reported their use of a Central Bank Digital currency (CBDC) months earlier.
Cointelegraph also reports that they plan on pursuing Smart Contracts and decentralized finance use cases for their National digital currency.
